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If ever there was a legitimate and lawful enterprise that has continued to suffer unfair criticism, condemnation and bile, it is the payday loans industry. They have been attacked by politicians, businesses and the authorities for the simple reason that they make an easy target. It is usually convenient to paint payday lenders such as Nialls Payday as some kind of predatory plunderers, intent on benefiting - indeed thriving - off the misfortune of others. Yet nothing could be further from the truth. Payday loans enable borrowers to avoid the consequences of issuing a bouncing cheque, ensure that people's utilities are not turned off and generally smoothen out life when unforeseen and unanticipated financial misfortunes occur. Payday loans are processed in a way that is fast, efficient and well organised. The funds are usually made available either in cash or in a borrowers account with 24 hours and in many cases even with a couple of hours. They do not ask for arduous and time-consuming credit checks, interviews and investigations that conventional lenders insist upon. They do not require security or the surrendering of titles or guarantors. All that they require is evidence of the ability to repay the loan and an assurance that the loan, interest and all charges will be paid for in full and in the agreed upon time. Payday loan operators keep their customers' confidential information such as credit and borrowing history securely. They do not share this information with other companies or banks or any other institutions and thus guarantee privacy. This means that a client can take a payday loan knowing that this will not in any way damage their creditworthiness or have a negative impact on their future financial transactions and probity. Contrary to what is portrayed in a lot of the press and public information, payday loans do operate under strict guidelines. For example, because of the short-term nature of the loans, the amounts that payday loan borrowers are allowed to borrow remain low. Since they are expected to be repaid with the next salary or income payment, they do not exceed the person's income or ability to pay. Unlike conventional loans and mortgages where it is quite easy to take a loan based on an unknown future income level, payday loans rely on the current and known income and salary levels of the borrowers. They use that to judge the ability of the borrower to honour their contract and make good on their promise of payment.
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